Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
Lowest payment- Down payment
- $8,919
- Funds due
- $19,888
- Interest + MI left
- $443,584
- First ends
- Apr 2056
New loan
New conventional
$3,031/mo
+$254/mo- Down payment
- $43,500
- Funds due
- $52,274
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,081 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,338.13 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | $196.93 | $78.30 |
| Taxes, insurance & HOA | $241.67 | $241.67 |
| Total housing payment | $2,776.72 | $3,030.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,919
Closing costs & prepaids$10,970
Usable credit−$0
Total buyer cash needed$19,888
Earnest money paid−$0
Remaining funds due$19,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$89.00
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$119.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yr 5 moOf the original 30-year loan at 5.120%
Interest already paid$12,787Through Nov 2026
Assumption only · ends Apr 2056$443,584
New conventional · ends Dec 2056$593,736